TROTWOOD, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided $23 million in financing for the construction of Jalen Lofts in Trotwood, roughly 8 miles northwest of Dayton, Ohio. Derek Reed and David Lacki of KeyBank CDLI structured the financing, which includes a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit financing.
Jalen Lofts will feature 66 workforce and affordable housing units, which will be available to families who earn between 30 and 80 percent of the area median income. The project marks a co-developer, co-owner partnership between Pivotal Housing Partners and The Trotwood Community Improvement Corp.
According to KeyBank, the development of Jalen Lofts is part of the City of Trotwood’s efforts to rejuvenate areas impacted by the 2019 Dayton tornadoes. The city received a most impacted and distressed area designation by HUD because of the tornado damage and was allocated $10.5 million in Community Development Block Grant Disaster Recovery funds to help rebuild rental housing communities.